Total supply is the foundation of every token model. Fixed caps, ongoing inflation, and deflationary burns each signal different priorities — and create different risks for holders.
Who can mint new tokens matters as much as the cap. Uncapped admin mint functions controlled by one wallet are red flags. Transparent on-chain governance with timelocks is better — but still requires trusting voters not to inflate away your stake.
Fee burns tie destruction to usage — Ethereum's EIP-1559 is the canonical example. Deflationary narratives need real activity; burns on empty networks change little. Verify burn mechanics on chain, not in marketing copy.